Sav,I have always supported the idea of CTP owning their own Rig. The timing/mobilisation advantages of rig ownership and on-leasing to an experienced operator provides total control over the drilling program!
As far as I can tell the max. depth this season would be in Blamore, around 2400 mtrs.(?).. Well within the range of the Hunt Rig #2. which had occasion to drill to 3011 mtrs.in 11/05 for Sunshine Gas.
Rig purchase/on lease to an experienced operator has recently been implemented by Bowen Coal (BWN),with considerable improvement in their drilling timetable. Obviously BWN's depths are considerably less than CTP's, but the principles are identical..
The sooner CTP ventures into Rig ownership/control, hopefully in time for utilization next dry, the greater degree of certainty there will be for subsequent dry season drilling programs..
CTP sure has a lot of hole to make in the next few years!!!!
CTP Price at posting:
0.0¢ Sentiment: Hold Disclosure: Held
